The Hindu Business Line : Suven to raise upto $20 mn through equity placement

NEW DELHI: Suven Life Sciences is looking to raise $20 million through debt and private equity placement for conducting phase II trial of its molecule indicated for the treatment of Alzheimer.

"We are going to initiate phase II clinical trial for our molecule indicated for the treatment of Alzheimer, Parkinson and other diseases soon, and for that purpose, we need around 15-20 million dollars,'' Suven Life sciences Vice Chairman & CEO, Mr Venk at Jasti told PTI.

The money is needed for conducting the trials as well as for building infrastructure for the trial, Jasti said. Asked about the sourcing, he said, the money would be raised through a mix of equity and debt, and the final decision on that would be taken at the Annual General Meeting of the company, which would take place later this month.

Besides this, Suven Life Sciences is in talks with multinationals for partnering them in development of the molecule, Mr Jasti said, declining to give details. Phase II clinical trials are conducted to find out effectiveness of the molecule against the disease on limited number of patients.

The company is planning to initiate trial on 400 people in India, Australia and the US to study the effect of the molecule. The company has seven molecules in the pipeline out of which two is expected to enter into the phase I clinical trial early next year. - PTI

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